(Bloomberg) -- UBS Group AG has entered final negotiations with a Beijing-backed fund over the sale of Credit Suisse’s money-losing China venture after talks...
-- UBS Group AG has entered final negotiations with a Beijing-backed fund over the sale of Credit Suisse ’s money-losing China venture after talks with Citadel Securities LLC stalled, according to people familiar with the matter.UBS is now in exclusive talks with its Chinese partner, Beijing State-Owned Assets Management Co., on the deal, the people said, asking not to be identified because the discussions are private.
A Hong Kong-based spokesperson at UBS declined to comment. Representatives for the Beijing government fund, Citadel Securities and Founder Securities Co., which currently holds 49% in Credit Suisse’s joint venture, also declined to comment.Citadel Securities is seeking to expand its presence in China with a broader footprint spanning brokerage execution, financial advisory, market-making and asset management under a securities platform, a person familiar said in April.
Beijing has made an offer slightly lower than the 2 billion yuan target, one of the people said. Before it collapsed in March last year, Credit Suisse offered to buy out the remaining stake from its Chinese partner, valuing the entire firm at about 2.3 billion yuan. Nvidia stock forecast: After rising more than 200% in a year the chipmaker could be fabulously profitable, an AI leader—and an extremely poor investmentPrediction: These 2 Canadian Bank Stocks Are Next in Line to Pop
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